Potential Continuation Pattern Forming

26 set 2016

At the beginning of the year, if you look back at my posts, I went long on gold around the 1050 level as it was reacting off of a weekly trend line and broke out of a consolidation area on the daily time frame. I think Gold is on its way to a massive sell off as it is approaching the weekly resistance trend line at 1400.

With this current set up, I am waiting for price to brake out of the descending trend line and make a new higher. I will then try and enter if price pulls back and with a take profit of just below 1400.